The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-08-28
FINANCE AND. COMMERCE.
Money 8 Per Cent, New York Ex'
change 1.S Premium.
sottou Quiet Kidding Cotton, ssse
gales To-day In
Important.


Ar1HAL oyrIcH, |
SATURDAY EvEStxo. August II, 1887.
The money market Is firm, rates 8
per cent.
The Manhattan Savings Bank and
Trust Company's monthly financial
circular, Issued today, contains very
interesting matter, which will be read
with interest. Ii says: "a compare
son Of quotations between this day
and those Of sixty days ago will show
declines Of greater or less extent
greater In speculative securities and
less in investment bonds. The only
local securities that have escaped de.
olines appear to be Shelby county
bonds, Cotton Press stock, Memphis
Brick stosk, James & Graham Wagon
stock and one or two bank stocks.
The market at present is dali, almost
nominal aud heavy, but little move.
msnt having occurred during the past
two months. Those OF our readers
who read our monthly circulars Of last
February and March may not have
been unprepared for this condition
OF the market. With active COM
petition between our local banks,
making rates OF discount ct that
time uDiustl6ably low, thus
encouraging customers to engage In
operations outside OF their regular
business; with steadily decreasing
bank reserve in New York; with the
multiplication Of new securities In all
the leading markets OF the country (;
with developments Of unusually dar.
ing and reckless speculatlons In prod.
acts and stocks in some OF the larger
cities North leading, In several cases,
TO disastrous results and producing as
founding revelations Of rascslity In
trusted places; added to the uncer-
tsinty Of the financial policy Of the
United States Treasury Department.
here were potent factors sufficient to
produce q halt and then retreat from
the field OF speculation to the strong
fortification Of conservation. We say
speculation, for the prudent investor
who buys Il q, which he knows to be
good, who pays for what he buys, and
locks mp his securities, views with
somplaosncy these declines In specu.
lstive securities He buys what pro-
duces him satisfactory returns on his
investmsnt. and no one can force him
TO sell his holdings. i, 10 the specu.
lator who sufsrs-he who buys, not
10 hold, but to unload ct an advance;
he who buys and promptly places his
purchases In loan with his bank
os banker ct q small maIgin-beipg
unable to pay for 1t. de Is ths
one whose welfue 10 In jeopardy
In times Of unusual stringenoy. 1t
would be we'll for people to bear these
points In mind, aud TO restrict their
operations, whether In stocks, bonds,
merchandise or real estate, to q scope
commensurate with their capital.
Bearing the foregoing In mind, We
would now cay that whatever may be
the course Of tbs New York market,
prices OF our local investment sscurl-
ties appear attractive enough; and
people with funds for investment pur.
poses would probably Ind this good
time TO buy. With the coming move.
ment and marketing Of our crops, and
the cont nued purchases OF bonds by
the Uslted States Treasury, money
will gradually ease, and the con.
servaiism produced by recent expe-
Renee will PROBABLY make the reac-
ton bore healthy one. Oar LEGAL
conditions are favorable TO successful
business this season; our crop pros.
pecis, while not as brilliant as they
were. are satisfactory; the health Of
our city has bten excellent; our mer.
chants have bsen and are doing we'll ;
our trade 10 enlarging continually ;
outside capital continues to
lock this way; and many build.
ings Of great pretension are In
course OF erection. We, therefore, feel
great confidence In our future. Money
n firm at per cent, with banks con.
hning iavors 10 their customers. Banks
continue 10 check on the East at I
premium, and buy Eastern exchange
at par. The clearings OF the Memphis
Bank for the n,cal year ending Au.
gust 3ist, will be about 900 900 600,
sgainst s82,642,000 In 1886; SCI. 70i,.
900 In 1885. and go. 040, 900 In lssi-s
gratifying exhibit"
Az TO cotton, Green 4 Cos New
York circular, OF the 9Th, says OF the
future market: There was q most
cheerful and stronger market. The
Financial Chronicles report Of crop
soattbonnl tuuWluh fhtutT uuihNtFh
BILE features, vent abroad this morn
Ing. and had Q stimulating effect fol
leading Manchester spiuners to pur
chase fall months In Liverpool, and
the latter In turn became q modera,,
buyer In our market This started Z
local covering and altogether led 10 {
good demand, on which 7 10 o poIntl
gain In price was made, with q Arm
closing at about the highest figures Q
the day. Spots continue tearce anC
firm"
IMPORTS.
One hundred brls apples, 80 pk
beans and peas, 81 pkgs butter, 80.
rolls bssging, rs pkss bacou, 1852 pkg
booto and shoes, 1000 bu corn, 2ll
pkge oheeee, 2 cars cotton seed, ZOO
bdls cotton ties, li0 pkgs dry goods, 8,
pkgs eggs, 900 brls Il Jur, S22 bale
hay, OIL pigs hats, 30 bead cattle, n
head horses aud mules, 500 pkgs lard
5000 feet lumber, 40 pkgs iiquorp
500 brls lime, 100 brlJ meal, 1000 b,
oats, 10 brB onions. 20 brls DO atoss
Il n